Hicks' thread (out of the equilibrium labyrinth)
AbstractThe work of John Hicks is an unending source of inspiration for many economists and an unsolved dilemma for most historians of economic thought. In these pages, a reconstruction of the continuity principle, the red thread of his evolution as a theorist is proposed. Hicks’ research was inspired by a program of analyzing a process of change from an out-of-equilibrium perspective. Non-measurable risk and the time-to-build being the natural issues at stake in actual economic behavior, he made the transaction costs the kingpin of his technique of thinking. These allowed him to dispense with any essential reference to equilibrium conditions and to revolve around the sequential relationship of learning and planning, which lays at the core of his “Continuation theory”. In fixing its building blocks, he was primed to allow for equilibrium assumptions as far as a vantage point on out-of-equilibrium dynamics was attainable.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 54402.
Date of creation: Jan 2013
Date of revision:
Non-measurable risk; Change; Transaction costs; Microfoundations;
Find related papers by JEL classification:
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
- O21 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
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- Burmeister, Edwin, 1974. "Synthesizing the Neo-Austrian and Alternative Approaches to Capital Theory: A Survey," Journal of Economic Literature, American Economic Association, vol. 12(2), pages 413-56, June.
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"Flexibilty and Uncertainty,"
UCLA Economics Working Papers
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- Amendola, Mario & Gaffard, Jean-Luc, 1998. "Out of Equilibrium," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198293804, October.
- Franco DONZELLI, 2010.
"Hicks on Walrasian equilibrium in the 1930s and beyond,"
Departmental Working Papers
2010-39, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
- Franco Donzelli, 2010. "Hicks on Walrasian Equilibrium in the 1930s and Beyond," UNIMI - Research Papers in Economics, Business, and Statistics, UniversitÃ¡ degli Studi di Milano unimi-1107, UniversitÃ¡ degli Studi di Milano.
- Hicks, John R [Sir], 1973. "Recollections and Documents," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 40(157), pages 2-11, February.
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- Hicks, John R, 1974. "Capital Controversies: Ancient and Modern," American Economic Review, American Economic Association, vol. 64(2), pages 307-16, May.
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